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Lifetime Mortgages changes

Lifetime Mortgages changes

We’re changing our property acceptance criteria on our lifetime mortgages. From Monday 29 March we’ll use 75% of the valuation amount for flats (including maisonettes) and retirement properties to calculate the maximum loan amount available.

This change applies to the Lifestyle Lump Sum, Lifestyle Lump Sum Max and Lifestyle Flexible Option.

Transitional arrangements

With effect from Monday 29 March, where the property is a flat (including maisonettes) or retirement property, a cap of 75% of the valuation will be applied.

New business KFIs

·         Any new business applications signed before Monday 29 March and with Aviva by Thursday 1 April will be processed at 90% of the flat (including maisonettes) or retirement property’s value.

·         Any applications signed on or after Monday 29 March will be processed at 75% of the flat (including maisonettes) or retirement property’s value.

Additional borrowing (Lifestyle Lump Sum, Lifestyle Lump Sum Max, Lifestyle Flexible Option only)

·         Any additional borrowing applications signed before Monday 29 March and with Aviva by Thursday 1 April will be processed at 90% of the flat (including maisonettes) or retirement property’s value.

·         Any additional borrowing applications signed on or after Monday 29 March will be processed at 75% of the flat (including maisonettes) or retirement property’s value.

Pipeline cases

·         New business and additional borrowing applications already in the pipeline before Monday 29 March will continue to be processed using 90% of the valuation.

Contact us

If you need more information about these changes, or about equity release from Aviva, please call 0845 300 2837, e-mail erssifa@aviva.co.uk or click here.